Pdf
Note2014
£000
2013
£000
Cash flow from operating activities
Profit for the year before tax8,6365,212
Adjustments for:
— depreciation127149
— profit on disposal of property, plant and equipment(3)(9)
— share-based compensation17162
— fair value adjustment for the value of the DGVL investment822(48)
— interest expense2,8081,689
— interest and similar income(308)(308)
— share of profit of Howarth (former associate)(330)
— profit on disposal of investment in Howarth (former associate)(292)
— share of profit in joint venture(613)(889)
Changes in working capital:
— increase in investments219
— (increase)/decrease in inventories(45,540)161
— decrease/(increase) in trade and other receivables1,365(12,228)
— increase in trade and other payables8,1331,744
Net cash outflow from operating activities(24,458)(4,968)
Cash flow from investing activities
Interest received4583
Purchases of property, plant and equipment12(51)(156)
Sale of property, plant and equipment311
Distribution from joint venture8562,995
Net proceeds on sale of investment in Howarth (former associate)1,364
Net cash inflow from investing activities8534,297
Cash flow from financing activities
Interest paid(1,902)(1,072)
Repayment of borrowings(3,039)(6,531)
New loans26,24715,244
Equity dividends paid to ordinary shareholders(540)(122)
Net proceeds on sale of treasury shares580
Net proceeds on issue of ordinary shares2744,731
Receipt of loan repayment from Howarth (former associate)1,000
Net cash inflow from financing activities22,62012,250
Net (decrease)/increase in cash and cash equivalents(985)11,579
Net cash and cash equivalents at beginning of year12,154575
Net cash and cash equivalents at end of year11,16912,154

The accompanying accounting policies and notes form part of these financial statements.